Deciding when to retire is one of the most important, and difficult, decisions an individual has to make, and it’s not supposed to be a decision based on fear. That’s exactly what’s happening, though, across the United States. Fears of vanishing benefits have become a key factor for public sector workers nearing retirement age.
At the height of the recession in California, 9,500 public workers opted for retirement in 2010 rather than take the risk that budget slashing by the state capitol would leave them with less the longer they stayed in the system. That number has dropped to 8,000 through the first three quarters of 2013, but it’s a “positive” economic data point that points to a larger, longer-term economic issue. California has recovered nicely from the financial crisis, reducing concern about an immediate legislative threat to benefits—California last year saw through changes in public sector benefits for new employees, which was a relief to existing, older workforce members.
Read the full article at CNBC.